During the past 13 years, the highest Beneish M-Score of Baytex Energy Corp was 10000000.00. The lowest was -10000000.00. And the median was -2.74.

Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

* Premium members only.

Baytex Energy Corp Annual Data

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Beneish M-Score

-3.91

-3.63

-2.00

-3.67

-2.92

Baytex Energy Corp Quarterly Data

Sep12

Dec12

Mar13

Jun13

Sep13

Dec13

Mar14

Jun14

Sep14

Dec14

Mar15

Jun15

Sep15

Dec15

Mar16

Jun16

Sep16

Dec16

Mar17

Jun17

Beneish M-Score

-3.39

-2.84

-2.92

-2.41

-0.75

Competitive Comparison

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap.

Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Baytex Energy Corp for today is based on a combination of the following eight different indices:

M

=

-4.84

+

0.92 * DSRI

+

0.528 * GMI

+

0.404 * AQI

+

0.892 * SGI

+

0.115 * DEPI

=

-4.84

+

0.92 * 1.0837

+

0.528 * 0.8626

+

0.404 * 5.637

+

0.892 * 1.1431

+

0.115 * 1.024

-

0.172 * SGAI

+

4.679 * TATA

-

0.327 * LVGI

-

0.172 * 0.8531

+

4.679 * -0.0676

-

0.327 * 1.0593

=

-0.78

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI

=

(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))

/

(Depreciation_t / (Depreciaton_t + PPE_t))

=

(443.596197463 / (443.596197463 + 3848.27904452))

/

(375.037857113 / (375.037857113 + 3340.78826627))

=

0.1033572

/

0.10092987

=

1.024

6. SGAI = Sales, General and Administrative expenses Index

The ratio of c in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI

=

(SGA_t / Sales_t)

/

(SGA_t-1 /Sales_t-1)

=

(50.2442546035 / 726.545414474)

/

(51.5277193789 / 635.612908863)

=

0.06915501

/

0.08106777

=

0.8531

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase$sgai= in leverage

LVGI

=

((LTD_t + CurrentLiabilities_t) / TotalAssets_t)

/

((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)

=

((1344.18804062 + 104.592704024) / 3446.44528018)

/

((1448.8506282 + 117.501938886) / 3947.01411509)

=

0.42036958

/

0.39684494

=

1.0593

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA

=

(IncomefromContinuingOperations_t

-

CashFlowsfromOperations_t)

/

TotalAssets_t

=

(NetIncome_t - NonOperatingIncome_t

-

CashFlowsfromOperations_t)

/

TotalAssets_t

=

(-284.27466894 - -261.776503241

-

210.310693203)

/

3446.44528018

=

-0.0676

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

Baytex Energy Corp has a M-score of -0.78 signals that the company is likely to be a manipulator.

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